No Addition for deposits in NRE Account by NRI from his foreign income

Shri Duraisamy Shanmugasundaram Vs ITO (ITAT Chennai) As per assessee’s submissions, the money deposited in NRE account was withdrawn by assessee’s parents in India. The same has been sourced to deposit the same in another NRO account from time to time. However, rejecting assessee’s explanation, Ld. AO held that the cash was not re-deposited within a reasonable time frame. Accordingly, Ld. AO worked out peak credit of Rs.15.08 Lacs and added the same to the income of the assessee. During appellate proceedings, it was submitted that the assessee do not have any taxable income in India and...